SENSEX SLIDES 344 PTS; REALTY SHARES SLUMP

The frontline indices traded with substantial losses in mid-morning trade as investors reacted to rising tariff trade tensions and awaited a slew of domestic economic data, along with the crucial US Consumer Price Index (CPI) report. The Nifty traded below the 22,400 level.

Realty shares tumbled after advancing in the past trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, slipped 343.73 points or 0.47% to 73,765.50. The Nifty 50 index lost 113.10 points or 0.50% to 22,384.80.

In the broader market, the S&P BSE Mid-Cap index fell 1.16% and the S&P BSE Small-Cap index declined 0.46%.

The market breadth was weak. On the BSE, 1,491 shares rose and 2,159 shares fell. A total of 170 shares were unchanged.

Buzzing Index:

The Nifty Realty index dropped 1.38% to 817.25. The index surged 3.63% in the past trading session.

Macrotech Developers (down 2.58%), Phoenix Mills (down 2.38%), Anant Raj (down 2.04%), Godrej Properties (down 1.95%), Prestige Estates Projects (down 1.25%), DLF (down 1.16%), Sobha (down 1.05%) and Oberoi Realty (down 0.38%) declined.

Stocks in Spotlight:

Bharti Airtel shed 0.66%. The company announced an agreement with SpaceX to bring Starlink�s high-speed internet services to its customers in India.

Adani Green Energy slipped 0.05%. The company announced that its wholly-owned step-down subsidiary, Adani Solar Energy Ap Eight, has commissioned a 250 MW solar power project at Kadapa, Andhra Pradesh.

Sandur Manganese & Iron Ores declined 1.69% after the company said that Krishnendu Sanyal has resigned from his position as chief executive officer (CEO) of the company due to personal reasons, effective from 10 March 2025.

Global Markets:

US Dow Jones index futures were up 110 points, indicating a positive opening in US stocks today.

Asian stocks showed a mixed performance on Wednesday after President Donald Trump downplayed recession concerns, helping US markets stage a late recovery following a volatile session.

Trump also ruled out any exemptions from steel and aluminum tariffs, despite strong lobbying efforts by Australian Prime Minister Anthony Albanese.

In the US on Tuesday, the S&P 500 slipped 0.76%, while the Dow Jones Industrial Average dropped 1.14%. The Nasdaq Composite edged 0.18% lower. Tesla Inc. rebounded 3.7% after a steep 15% drop on Monday, while Delta Air Lines Inc. extended its losses, plunging over 7% after issuing a profit warning.

Trade tensions escalated further as Trump unexpectedly raised tariffs on Canadian steel and aluminum imports to 50%, up from 25%, in response to Ontario�s new 25% surcharge on electricity exports to the US. However, within hours, Ontario Premier Doug Ford agreed to suspend the surcharge and scheduled talks with US Commerce Secretary Howard Lutnick in Washington. In turn, Trump withdrew the tariff hike, restoring the original 25% rate on Canadian metals.

Investors now turn their attention to the upcoming US consumer price inflation report, a key indicator ahead of next week�s Federal Reserve interest rate decision.

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